By Jeff Hamann
Westcore Properties has acquired two class A industrial buildings totaling more than one million square feet in San Bernardino, Calif., from Bentall Kennedy. Westcore took over management of the property upon closing.
Located at 7776 E. Tippecanoe Ave. and 927 E. 9th St., both buildings were constructed in 2009 by Higgins Development Partners. The assets are cross-dock facilities with 30 feet of clear height and large, secured truck courts.
Fully leased by Leggett & Platt, 7776 E. Tippecanoe is a 610,000-square-foot facility, which includes some 150 parking spaces and more than 100 loading doors equipped with bumpers and dock levelers. The second asset is home to a division of TTI Floor Care, the parent company of the Hoover, Dirt Devil and Oreck vacuum brands. The 415,000-square-foot, cross-dock warehouse contains 80 fully equipped dock doors and is LEED Certified due to its green features.
The buildings have changed hands a total of five times over the past eight years, highlighting the dynamic growth in the area’s industrial real estate market. Prior to this sale, Bentall Kennedy acquired both properties from CalPERS for $28 million in early 2013, according to Yardi Matrix.
A Cushman & Wakefield team of Jeff Chiate, Jeff Cole, Phil Lombardo and Chuck Belden represented Bentall Kennedy in the sale, while Westcore represented itself. Westcore also acquired a large business park in Vancouver, Wash., earlier this year, which included retail, office and industrial assets.
“The Cushman & Wakefield team was instrumental in helping us secure this deal and support our due diligence,” said Hack Adams, senior vice president at Westcore, in prepared remarks. “The relative value of these buildings, leased by two strong tenants, appealed to us. We’ve grown our eastern Inland Empire portfolio significantly and plan to expand into the western section of the county as well.”
Photos courtesy of Yardi Matrix